MANILA, Philippines — The Department of Finance (DOF) expects to an ultimate P139.33 billion in additional revenues from the proposed measure that will raise excise taxes on tobacco and alcohol products.

Data from the DOF showed that potential revenues from cigarettes would reach P45.5 billion, while P64.24 billion will be collected from distilled spirits and fermented liquor with P29.59 billion by 2016.

The DOF’s estimated revenues were pegged at an assumption that Congress would adopt its proposed “sin” tax structure this year.

Under the DOF’s proposed structure, the government may generate P60.63 billion in revenues for the first year. Of the amount, smokers would shell out P30.1 billion, another P11.19 from distilled spirits and P19.35 billion from fermented liquor.

Despite the increase in taxes, the DOF is confident that the alcohol and tobacco industry would still survive, citing “the addictive nature of these products has sustained [their] existence.”

By following year, the DOF estimated that the government could earn P84.28 billion from the new excise tax regime. Of the amount, P36.1 billion will come from cigarettes, another P26.51billion from distilled spirits and fermented liquor with P21.68 billion.

The finance department has come up with its own version of the "sin" tax reform measure aimed at simplifying the structure. The agency added that revenues from the new tax regime would fund the universal health care program of the Aquino administration.

Meanwhile, the DOF expects revenues from the reformed excise tax law to reach P118.43 billion by 2014. Of the amount, P41.3 billion from cigarette manufacturers, P52.99 billion from distilled spirits and another P24.14 from fermented liquor. The DOF, however, assured that once its proposed measure is approved, tobacco farmers will continue to share in the incremental revenues after they are displaced by the reform and forced to shift to planting other crops or livelihood.